The move is believed to have cleared up confusion about whether investment bank Lazards would proceed with an auction of the group's assets after it was reported that the sale of individual assets would incur tax charges. Hollinger's advisers are said to be reviewing how to overcome the tax issues, although the bank is believed to favour a bid for the whole group to avoid liabilities.
The bank has invited bids for the whole of the group as well as each of its individual assets such as the Telegraph Group, the Chicago Sun-Times, the Jerusalem Post and the Canadian newspaper division.
Bidders who have expressed interest in the Telegraph include Richard Desmond's Northern & Shell, private equity groups Apax and Candover, and the Daily Mail and General Trust. Yesterday Hollinger said that the Barclay brothers were welcomed to participate in the bid.
On Tuesday, Richard Desmond sold off his stable of top-shelf porn magazines in a bid to enhance his credibility. Desmond sold around 45 titles including Asian Babes and Big Ones for around £20m to Remnant Media, a firm owned by businessmen Simon Robinson and Aroon Maharajh who were behind the Music Unsigned website.
Last week a court ruling in Delaware blocked a $466m (£256m) bid for Hollinger Inc, Hollinger International's parent company, by the Barclay brothers.
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